Thursday November 03, 2022

Current Account Deficit Declines to $2.2 Billion in Q1

ISLAMABAD: The Current Account Deficit (CAD) declined to US $2.2 billion during the first quarter (Q1) of the current fiscal year as compared with the deficit of US $3.5 billion recorded during the corresponding period (July-September) of the fiscal year 2021-22.

The CAD mainly contracted due to an increase in exports and a contraction in imports during July-September (2022-23), according to the latest financial data released by the Finance Ministry.

During the month of September 2022, the current account deficit shrank to $ 316 million as against $ 676 million in August 2022, largely reflecting an improvement in the trade balance, according to the monthly Economic Update and Outlook October 2022 released by the Ministry of Finance.

Exports on free on board (FOB) grew by 5.5 per cent during July-September FY2023 and reached $ 7.6 billion ($ 7.2 billion last year).

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